Total Energies Plc reports 14.12% profit increase in Q2 2023

Bisola David
Bisola David
Total Energies Plc reports 14.12% profit increase in Q2 2023

Total Energies Marketing Nigeria Plc published 2023 second-quarter results, revealing that pre-tax profits increased 14.12% year on year to N7.052 billion.

Pre-tax profits for the first half of the year increased from N12.733 billion to N13.476 billion as a result.

The noteworthy increase in revenue, which was primarily driven by the impressive development seen in the petroleum products sector, may be credited to the significant gain in operating profit at Total.

A notable feature of Total’s financial performance is also the growth of other expenses, which is mostly caused by net foreign currency losses. In contrast to the previous quarter, the net foreign exchange losses increased significantly, reaching N1.503 billion.

Key highlights Q2 2023 vs Q2 2022:

Revenue 325 billion +25.06% YoY

Cost of sales N119.301 billion +24.15% YoY

Gross Profit N20.024 billion +30.79% YoY

Administrative expenses N10.125 billion +28.81% YoY

Selling and Distribution expenses N1.274 billion +9.08% YoY

Operating income N8.183 billion +18.49% YoY

Finance Income N504 million +15.19% YoY

Finance cost N1.131 billion +55.63% YoY

Profit for the year N4.625 billion +11.08% YoY

Earnings per share N13.62 +11.09% YoY

Cash and cash equivalent N111.691 billion +35.02%.

Total Assets N350.226 billion +13.78%

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